Century West acquired the property, which was then an office building, for a mere $6 million in 2011. It demolished the office to build the Chelsea, completing the project in 2016.

The Downtown Santa Monica project is a block away from the 3rd Street Promenade. Tenants at Chelsea’s roughly 6,000 square feet of retail space include CaVa and HiHo Cheeseburgers.

Kort & Scott specializes in mobile home communities. Its subsidiary Platinum Acquisitions has acquired nearly $350 million in multifamily product over the last 18 months and plans to continue to acquire in Los Angeles, Orange and San Diego counties, a company representative said.

Platinum paid $20.5 million, or $402 per square foot, for a 56-unit apartment complex just outside Koreatown earlier this year. Century West, led by Steve Fifield and Michael Sorochinsky, has developed multifamily projects in Santa Monica, Downtown L.A. and Koreatown. Its Next on Lex project is under constuction in Glendale.